In a remake of Night Riders (1939), Madden has forged a phony Spanish land grant and gets crooked gambler Halliday to pose as the heir, Don Pedro. When it is declared legal, the Don's men start overtaxing the ranchers. Jim and sidekick Hardtack arrive and take up the fight by becoming the Ghost Riders that rob the Don's men to repay the ranchers. When Jim sees the Don he realizes he is a phony but must find proof to expose him.